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mark29
New Member

I have a home business, but is it better to enter my property tax and mortgage interest in the persona section instead of the business section to maximize my deductibles?

 
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WillK
Intuit Alumni

I have a home business, but is it better to enter my property tax and mortgage interest in the persona section instead of the business section to maximize my deductibles?

You get the same about in deductions when you claim the portion that goes with the home office and then the rest goes on your personal portion. When the program calculates the percentage the home office is compared to the rest of the house, it also uses that same percentage to apply the utilities, mortgage interest and property taxes on the business, and then takes the remaining percentage and applies it to your personal portion. 

For example if you have $10,000 as a mortgage interest and property tax, and say your home business is 10% of your home, then $1,000 goes on the business return and $9,000 goes on the personal return. 

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1 Reply
WillK
Intuit Alumni

I have a home business, but is it better to enter my property tax and mortgage interest in the persona section instead of the business section to maximize my deductibles?

You get the same about in deductions when you claim the portion that goes with the home office and then the rest goes on your personal portion. When the program calculates the percentage the home office is compared to the rest of the house, it also uses that same percentage to apply the utilities, mortgage interest and property taxes on the business, and then takes the remaining percentage and applies it to your personal portion. 

For example if you have $10,000 as a mortgage interest and property tax, and say your home business is 10% of your home, then $1,000 goes on the business return and $9,000 goes on the personal return. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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